Justin Sun, the founder of Tron is reported to have quietly completed the purchase of the software company BitTorrent Inc. The company also maintains the file sharing protocol BitTorrent. The deal went through last week and has managed to stay under wraps until the BitTorrent management informed the staff of the acquisition. The stakeholders are aware of the deal, however, the employees of BitTorrent were asked not to share the information relating to the deal publicly.

In May this year, there was news that Tron had an interest in buying BitTorrent, but apparently, Justin had been talking to BitTorrent management since September 2017. The process has not been a smooth one even though Sun signed a ‘‘letter of intent to acquire’ the company in January this year.

Tron price analysis

Tron price is trading in the narrowing end of the falling wedge pattern observed on the chart. The crypto is battling to break above the descending trendline with eyes locked on $0.048 short-term resistance zone. A bearish momentum is forming on the chart, but TRX/USD is weakly supported at $0.0470.

The 50 SMA has crossed below the 100 SMA to signal that the bears still have the influence. The Relative Strength Index (RSI) is ranging below the 50 mark on the 15 minutes chart. If the above short-term support fails to hold the price, the moving averages will act as support lines above $0.046 – $0.044 support area.